Ndeta gets Savannah Cement control stake

Businessman Benson Ndeta is set to take controlling stake of Savannah Cement after he gained regulatory approval for a deal that would increase his interest in the company by 29.4 per cent.

In a press release, the Competition Authority of Kenya said it had unconditionally okayed Mr Ndeta’s acquisition of Savannah Cement.

The agency declined to reveal details about the transaction.

Savannah Cement currently has two shareholders — Seruji with a 60 per cent stake and Savannah Heights with a 40 per cent stake. Mr Ndeta owns 51 per cent of Seruji and 35 per cent of Savannah Heights.

Sources familiar with matter told the Business Daily that following the transaction, Mr Ndeta will own 100 per cent of Seruji. Given his present holdings in Savannah Heights, this raises his effective stake in Savannah Cement to 74 per cent from 44.6 per cent.